By Barbara R at July 07 2019 13:51:20
Understand gaps and weaknesses within the plan. Any casual viewer of the BBC programme, Dragons Den will be aware of how easy it is for weaknesses or gaps to be identified. Depending upon the purpose of the plan, this may, or may not, prove to be critical. It is often easier to recognise such weaknesses and gaps, and be prepared to deal with them, either by noting them in the plan itself, or having appropriate answers available should the need arise.
Some of the questions a growth business plan might ask you are: _ Are you comfortable that the market wants and is willing to buy your product or service? _ Is your product or service priced so it is competitive in your market? _ What's different about your product or service? Why would a customer purchase it over someone else's? _ Is your market big enough to support your business? What about 15 years into the future? _ If you wanted a better lifestyle, what would your business need to do to give you that lifestyle? _ How much sales would your business need to generate to give you that income? _ How much sales would your business need to generate to give you the income you want 15 years into the future? _ What will be the cost of your labor and material? _ What will your expenses run? _ How much will it cost to overcome the capacity constraints that will occur as your business grows to meet your income requirements? _ Will your profit give you the income you want in the future and at the same time maintain a healthy business for you as well?